The West Brom boss is hoping to add during the January transfer window and accepts that there could also be departures from The Hawthorns.
He will not be allowing Dorrans to head for the exit, though, despite the fact that the Scottish midfielder has often found himself on the bench this season.
The 24-year-old has struggled to make the kind of impact expected of him in the Premier League and Rangers boss Ally McCoist has admitted his interest.
Hodgson, though, will not be letting Dorrans head home.
"No, I'm not interested," he said.
He would be interested in taking Jelavic off Rangers' hands, but accepts that bigger clubs than West Brom are leading that particular chase.
"I don't think our name is at the top of the list of candidates," he added.
Hodgson is, however, hoping that chairman Jeremy Peace will put his hand in his pocket over the coming weeks, with the Baggies' shrewd owner having not paid a transfer fee for a player in January since 2005.
"If we are going to have a good season, we need some help," said Hodgson.
"I like to think we have got to the stage where the type of players who could help us would cost money, would demand high wages and I am not certain at the moment we are looking to go forward like that.
"I am not interested in just bringing in bodies or names unless I can be absolutely sure they are better than what we have got."